Insurance you shouldn’t buy | MoneySense.
Having insurance falls under Gail Rule #4: Mitigate Your Risks. But “the right kind” of insurance is often confusing for folks. So here are three types of insurance you should skip and save your money.
Mortgage life insurance
If you have a mortgage you’ve no doubt been offered mortgage life insurance by your lender. Don’t buy it. It’s expensive. It’s single-purpose. And it can be denied down the road, since it isn’t “approved” until you try to make a claim, which is not when you want to find out you aren’t covered.
Read more at moneysense.ca Insurance you shouldn’t buy | MoneySense.